''We paid the same price per square foot for this land as we did on our previous purchase, but our risk profile is less because the bonds have been sold for the Northwest Parkway and construction will begin,'' Etkin says. ''But the risk profile for the marketplace is higher because of the high office vacancy rate and the layoffs which have occurred which have reduced demand for apartments.''

On the other hand, the market, which is relatively small with about 5 million sf of office space, can turn on a dime, he noted. One or two big deals could dramatically lower the vacancy rate and he says FlatIron will generate a need for more retail space.

Kittie Hook represented Etkin with fellow Fuller and Co. broker Rick Schreck, while Varra was represented by Grubb & Ellis brokers Dick Bourret, Doug Viseur and Murray Platt.

''I think Bruce has a lot of vision in that area,'' Hook tells GlobeSt.com. ''I wish I had the money to do it myself. I think it's a great acquisition for him. He's going to be sitting on the best piece of property when the market recovers. He will see a lot of the big deals coming into the area.''

She says the market likely will turn around within two years, and it could happen in as little as one year.

Chris Phenicie, a broker with Colorado Commercial, authored the report on the northwest office vacancy rate. He wasn't involved in the Etkin deal, but says Etkin has nothing to worry about.

''He got it at a good price, plus, it's a good location,'' Phenicie tells GlobeSt.com. ''Ultimately, he'll do very well. As a long-term play, I do not see any big risk.''